Closing Bell: Nifty below 19,300, Sensex falls 826 pts; mid, smallcap worst hit

Indian equity indices ended lower for the fourth consecutive session on October 23 with Nifty below 19,300. The Sensex was down 825.74 points or 1.26 percent at 64,571.88, and the Nifty was down 260.90 points or 1.34 percent at 19,281.80.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ - for all the global market action.

Markets started the week on a feeble note and lost nearly one and a half percent. After the flat start, the Nifty gradually inched lower and settled around the day’s low at 19,281.75 level. The selling pressure was widespread wherein metal and realty were among the top losers. However, a sharp cut in the broader indices caught the participants completely off-guard and both midcap and smallcap lost in the range of 2.9%-3.8%.

We feel the prevailing negativity is not going to subside anytime soon citing weak global cues and recent sell-off in the broader indices may further deteriorate the sentiment. On the index front, we are now eyeing 19,200 as the next crucial support. Amid all, we reiterate our view to limit trades and prefer hedged positions.

Nifty ended lower for the fourth consecutive session on October 23 closing below 19,300. At close, Nifty was down 1.34% or 260.9 points at 19281.8.

Volumes on the NSE were not unusually large on a big down day. Broad markets indices fell more than the Nifty even as the advance decline ratio fell sharply to 0.13:1, the lowest in 10 months.

Global equities fell as the 10-year yield on US Treasuries hit 5% for the first time since 2007 and as investors worried that the war between Israel and Hamas could turn into a bigger Middle Eastern conflict.

Nifty showed a downside breakout falling below the 19334 support. Midcap index fell to the lowest in 2 months. A long bear candle was formed on the daily charts which could prove to be a resistance in the next upmove. Risk off sentiments seem to be prevalent based on the adverse advance decline ratio. Nifty could now on a break of 19223 level, head towards 18840 while on upmoves 19480 could provide resistance.

The bears have maintained a strong grip on the index, resulting in significant selling pressure. This pressure led to a breakdown of the key support level at 19500. With the support at 19500 breached, the next significant support level was at 19200. If the index fails to sustain above this level, it may experience further declines toward the 19000-18800 range.

The overall sentiment for the index remains bearish. As long as the index stays below the 19600 mark, the view remains bearish, and any upward movements are viewed as selling opportunities.

The bears in the Bank Nifty decisively broke through the critical support level of 43,500, confirmed by a closing basis breach. The index continues to maintain a "sell on rise" approach, with formidable resistance observed at the 44,000 level, which coincides with the highest open interest on the call side.

The next support on the downside is situated within the range of 42,800 to 42,600. If this level fails to hold, it may trigger further declines towards the 42,000 mark.

Benchmark indices witnessed severe pounding in the last hour trades as simmering geo-political tension in the Middle-East region triggered a wave of selling pressure and prompted investors to offload equity holdings. Investors are already worried about further interest rate hike and inflation, and with the addition of the Israel-Hamas conflict, the uncertainty has increased further and leading to weak sentiment in global equities.

Technically, the Nifty has formed a long bearish candle on daily charts which is indicating further weakness from the current levels. For day traders, 19,400 would be the key resistance level, below which the index could slip till 19,200-19,175. On the other hand, above 19,400 we could see a quick technical bounce back till 19,450-19,500.

The Nifty opened on a weak note and ended the day on a negative note down ~260 points. On the daily charts we can observe that the Nifty has breached the previous swing low of 19333 it touched in first week of October and has closed below that indicating a breakdown. Weekly, daily and hourly momentum indicator has a negative crossover which is a sell signal. Thus, both price and momentum indicator is suggesting a further decline. On the downside the Nifty is likely to drift towards 19000 from short term perspective. On the way up 19500 - 19530 shall act as an immediate hurdle zone as per the principle of role reversal.

Bank Nifty also witnessed a sharp fall. It broke below the 43500 zone and witnessed a sharp decline. On the way down 43000 is the psychological level and below that it can slip towards 42490. Today there has been a breakdown and hence the weakness is likely to persist over the next few trading sessions.

Despite the healthy performance of private banks and marginal reductions in oil prices, investor confidence remained pessimistic, and a widespread consolidation persisted in the domestic markets. The global markets echoed the same trend, as the unrest in West Asia has the potential to spiral further.

Increased apprehensions surrounding prolonged elevated interest rates fuelled a continued upward movement in the US 10-year yield. Amid worries over moderation in growth on account of elevated interest rates and higher energy prices, heightened risk aversion was witnessed in the Indian mid- & small-cap space, banks, metals, and energy stocks. While a period of consolidation in the short term seems certain, the extent of this phase will be shaped by global factors.

Pessimism persisted in the Indian bourses and bears tightened their grip by breaching all the key support levels to end the session at 19,281.75 with a loss of 260.90 points. Relentless selling was seen across the board with Media and PSU Banking sectors having corrected the most. A freefall was observed in the Mid and Smallcap stocks which resulted in the underperformance of the broader markets. Head and Shoulder pattern breakdown was seen in the Nifty50's daily chart which indicates that weakness will continue going forward as well.

Indian rupee ended lower at 83.19 per dollar on Monday against Friday's close of 83.12.

Indian equity indices ended lower for the fourth consecutive session on October 23 with Nifty below 19,300.

At close, the Sensex was down 825.74 points or 1.26 percent at 64,571.88, and the Nifty was down 260.90 points or 1.34 percent at 19,281.80. About 497 shares advanced, 2893 shares declined, and 119 shares unchanged.

Biggest losers on the Nifty included LTIMindtree, Adani Enterprises, Hindalco Industries, Adani Ports and UPL, while gainers were M&M and Bajaj Finance.

All the sectoral indices ended in the red with Metal, Information Technology, Realty, Oil & Gas, Power, Capital Goods down 2-3 percent each, while Auto, Bank, FMCG, Pharma down between 1-2 percent.

BSE Midcap index shed 2.5 percent, while Smallcap Index declined 4 percent.

Net profit down 62.1 percent at Rs 231.3 crore versus Rs 142.7 crore and revenue up 62 percent at Rs 1,091.3 crore versus Rs 673.8 crore, YoY.

-Reduce call, target Rs 2,152 per share
-Q2 EBITDA in-line
-Q2 volumes partly benefited from inventory created in June 2023
-Inventory created in June 2023 could not be shipped due to cyclone biparjoy
-Company expects stable trajectory to continue & lead to a better H2FY24
-Thus, it expects a marginal dip in FY24 volumes
-Company has adjusted it FY24 capex upward from Rs 600 crore to Rs 900 crore

-Market perform, target Rs 1,050 per share
-Q2 RoA maintained at 2.4 percent — lower credit costs offset NIM compression
-Reported its Q2FY24 result with healthy EPS growth of 35 percent YoY
-NII growth remained strong (+24 percent YoY) even as the NIM declined by 25 bps QoQ
-Growth was healthy too with a +19 percent YoY deposit growth
-A +18 percent loan growth that was largely led by higher yielding segments

Sensex Today | BSE FMCG index shed 1 percent dragged by Dhampur Sugar Mills, Bajaj Hindusthan Sugar, Dwarikesh Sugar Industries:

The yield on the benchmark 10-year U.S. Treasury note rose above 5.0% on Monday, hitting the July 2007 milestone that it briefly attempted to scale last week.

The run-up in yields on the 10-year Treasury bond, seen as a safe-haven in times of economic uncertainty and a benchmark for borrowing costs around the world, has been driven by investors pricing in stronger U.S. growth as well as fiscal slippage.

Yields at the long-end rose quickly after Federal Reserve Chair Jerome Powell said last week that the U.S. economy’s strength and hot labour market might warrant tighter financial conditions.

The 10-year yield was briefly bid at a 16-year high of 5.001% on Thursday. It has risen 160 basis points since mid-May.

-Underweight call, target Rs 1,928 per share
-Q2 EBITDA 8 percent ahead of estimate
-Export outlook remains challenging
-Management expects a better F2H24
-Management expects FY24 volumes to see a slight YoY decline (estimate FY24 volumes at -1.5 percent)
-FY24 capex targets increased to Rs 900 crore (vs Rs 600 crore previously)
-Additional amount will be spent towards mould manufacturing capacity

Shakti Pumps has received a patent for inventing a “STACK ASSEMBLY FOR PERMANENT MAGNET ROTOR " The Patent Office, Government of India, has awarded Shakti Pumps this patent, fully adhering to the provisions set forth in the Patents Act of 1970. This patent is set to maintain its validity for duration of 20 years, commencing from the date of filing. This is the 6th Patent that the company has secured.

-Buy call, target Rs 1,565 per share
-H1 volume growth was weaker (7 percent YoY)
-Recovery is estimated in H2
-Recovery led by demand emanating from real-estate
-Recovery led by penetration in T-2-3 cities (60 percent of sales)
-Q2 saw good OPM expansion of +400 bps YoY
-Energy cost could rise hereon
-In August-September 23, Gujarat Gas took total price hike of 12-13 percent
-Cut FY24-26 EPS by 8 percent
-But beyond near-term hiccups, medium-term prospects stay robust

Indian Rupee declined on Monday on strong Dollar and maturity of RBI’s swap of $5 billion. Weak domestic markets also put downside pressure on rupee. However, weak crude oil prices and reports of selling of Dollars by the RBI cushioned the downside. US Dollar declined on Friday on dovish Fedspeak. Fed’s Patrick Harker reiterated his stance as he preferred interest rates to stay steady. US Federal Budget Balance declined to USD-171 billion in September 2023 as compared to USD 89 billion in August 2023.

We expect Rupee to trade with a slight negative bias geopolitical uncertainty in the Middle East may deteriorate global risk sentiments. US Dollar may strengthen on safe haven appeal amid risk aversion in global markets. However, dovish tone of most Fed officials may cap sharp gains. Dovish Federal Reserve and any escalation of the Hamas-Israel conflict may also be negative for bond yields. Traders may remain cautious of US GDP and inflation data and Fed Chair Jerome Powell’s speech this week. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.60.

Sensex Today | Market at 3 PM

The Sensex was down 662.02 points or 1.01 percent at 64,735.60, and the Nifty was down 216.20 points or 1.11 percent at 19,326.50. About 540 shares advanced, 2769 shares declined, and 132 shares unchanged.

-Outperform call, target Rs 1,100 per share
-Company continued strong growth in Q2
-Stable margins and progress towards profit level profitability
-Payment growth remains healthy
-Value of net payment revenues growing at 60 percent YoY
-Net payment margin remaining at 16 bps
-YoY lending disbursal growth was >120 percent led by a sharper growth in merchant
-YoY lending disbursal growth led by postpaid loans
-The personal loans saw a muted growth
-Overall EBITDA margin improved led by higher share of lending revenues
-QoQ stabilisation of non-direct expenses

Just Dial has reported a 37.5% on-year growth in profit at Rs 71.8 crore for the quarter ended September FY24, with revenue rising 27% to Rs 260.6 crore and EBITDA increasing sharply by 186.3% to Rs 48.8 crore during the same period. EBITDA margin expanded to 18.7% for July-September period of FY24, compared to 8.3% in year-ago period.

-Buy calls, target Rs 1,133 per share
-Ratlam site VAI classification, a positive surprise
-Domestic growth ahead of broader market
-US growth prospects make risk-reward favorable
-In medium to long term, IPCA can scale up its US business by leveraging its front & back infra
IPCA intends to integrate API supplies to Unichem to improve gross margins further

NDTV's Q2 net income: Rs5.91 crore, with revenue at Rs95.55 crore (down 9.9% YoY) and total costs at Rs93.48 crore (up 1.7% YoY).

Shares of Transport Corp Of India Ltd jumped 3 percent after the company said in a notice of exchanges that it won $34 million order to build two container vessels.

Cello World's initial public offering will open for subscription on October 31 and close on November 1. The firm will raise around Rs 1900 crore compared to Rs 1750 crore earlier planned.

The Mumbai-based firm which competes with the likes of Milton, La Opala and Borosil, is backed by ICICI Venture, the alternative investment arm of ICICI Bank.

Kotak Mahindra Capital, ICICI Securities, JM Financials, Motilal Oswal Securities and IIFL Securities are the lead managers to the issue.

The Rathod family-promoted Cello Group had a humble beginning in Mumbai back in 1967, when it set up a tiny factory for making plastic PVC footwear and bangles. It has a presence in categories like drinkware, opalware and kitchen appliances to cleaning aids, bathroom accessories and sanitisers and its products cater to hotels, restaurants and catering also.

-Underperform call, target Rs 260 per share
-Q2 missed estimate for a 5th consecutive quarter
-Q2 missed estimate due mainly to weak revenue growth in Q2
-Company expects improvement in H2FY24
-Expect near-term margin headwinds on the back of a tepid base business growth
-Only a gradual ramp-up in new CDMO projects
-Cut FY24/25 EPS by 33/5 percent; are 11-30 percent below consensus

Aditya Birla Fashion and Retail's subsidiary Aditya Birla Digital Fashion Ventures has entered into Shareholders Agreement and Share Subscription Agreement for acquisition of 51% stake in Styleverse Lifestyle. The cost of acquisition of 51% stake is Rs 155 crore.

Jammu & Kashmir Bank has recorded net profit at Rs 381 crore for quarter ended September FY24, growing 56.5% over a year-ago period driven by higher other income & pre-provision operating profit and provisions write-back. Net interest income grew by 11% on-year to Rs 1,333.8 crore for the quarter. Asset quality improved on sequential basis with the gross NPA declining 51 bps to 5.26% and net NPAs falling 35 bps to 1.04% for the quarter.

Sensex Today | BSE Auto index slipped 0.6 percent dragged by Tube Investments of India, UNO Minda, Apollo Tyres

-Buy call, target Rs 1,250 per share
-Q2 profit of Rs 10,300, +36 percent YoY, ahead of estimate
-Tad better NII & lower credit costs
-NIMs compressed by 25 bps QoQ (as expected) & should go down 20 bps over 2 quarters
-Better loan growth aided topline
-NPL & management is confident about quality of retail unsecured loans
-See lower NIMs & higher credit costs, but bank could still deliver 18 percent RoE in FY25

Oberoi Realty has announced total units booked at 151 in Q2FY24 against 132 in year-ago period and total booked area at 2.20 lakh square feet for the quarter against 2.33 lakh square feet in same period last year. Total booking value for the quarter at Rs 965 crore, down 16.5% compared to year-ago period, but increased 103% compared to previous quarter.

The Sensex was down 317.57 points or 0.49 percent at 65,080.05, and the Nifty was down 117.70 points or 0.60 percent at 19,425. About 560 shares advanced, 2733 shares declined, and 130 shares unchanged.

Samvardhana Motherson International's subsidiary SMRP B V has entered into an agreement to acquire 100% stake in French company SSCP Aero Topco SAS which holds indirectly 100% stake in AD Industrie SAS (Opco) and of its French, Moroccan and Tunisian subsidiaries (ADI group). The company will pay 35 million euro for 100% stake, and pay additional up to 10 million euro based on CY 2023 performance. In addition, firm will be taking over debt at ADI group.

Sensex Today | Nifty Midcap 100 index fell 2 percent and slipped below 39,000 dragged by Laurus Labs, Bank of India, Tata Teleservices (Maharashtra)

Shares of Amber Enterprises tumbled 11 percent to the day’s low of Rs 2,712 on the BSE on October 23 after the company’s net loss widened to Rs 5.6 crore in the September quarter (Q2FY24) as against a loss of Rs 2.2 crore a year ago. The S&P BSE Sensex was down 151 points or 0.2 percent at 65,246 levels, as of 12pm.

In the past one month, the stock of this midcap company has declined 8 percent as against 1 percent drop in the benchmark Sensex.

The company’s consolidated total income surged 23 percent on-year to Rs 938 crore in Q2FY24 from Rs 762 crore in Q2FY24. However, its total income declined 45 percent on-quarter from Rs 1,721 crore in Q1FY24. Read More

Lemon Tree Hotels has signed a License Agreement for a 49 rooms property in Kasauli, Himachal Pradesh. The hotel is expected to be operational by FY 2025. Subsidiary Carnation Hotels will be operating this hotel.

-Buy call, target Rs 1,225 per share
-Q2 growth good, NIMs normalising but steady-state RoE Strong
-Growth remains strong, no concerns on unsecured loans
-NIM contraction sharper this quarter, CASA accretion a challenge
-ICICI’s run-rate RoA of 2.2 percent & RoE of 18 percent are best-in-class in its peer group
-Given its muted returns over past year, stock trades at a reasonable PE/PB ratio
-PE/PB ratio at 13x/2.1x (FY25, adjusted for subs)

Stock Market LIVE Updates |  BSE OIl & Gas index down 1 percent dragged by Adani Total Gas, GAIL India, Petronet LNG:

TTK Prestige has concluded a long-term settlement covering its permanent workmen at its Hosur, Tamilnadu unit. This settlement provides for improved productivity commensurate with the increased benefits extended to the workmen.

Himadri Speciality Chemical is implementing the framework agreement entered with Dalmia Bharat Refractories for the acquisition of Birla Tyres. National Company Law Tribunal has approved verbally the resolution plan submitted jointly by the company and Dalmia Bharat Refractories for acquisition of Birla Tyres on October 19.

Tata Power's subsidiary Tata Power Renewable Energy has signed a power delivery agreement (PDA) with Supreme Petrochem for a 12.5 MW group captive project through a SPV - TP Saturn. This Achegaon (Maharashtra) plant will generate around 27.5 million units (MUs) of renewable power annually.

Sensex Today | Market at 1 PM

The Sensex was down 231.77 points or 0.35 percent at 65,165.85, and the Nifty was down 91.40 points or 0.47 percent at 19,451.30. About 626 shares advanced, 2636 shares declined, and 136 shares unchanged.

-Buy call, target Rs 1,450 per share
-Q2 weaker volumes driven miss, expect demand to pick-up in H2
-Tiles segment: volumes +6 percent YoY (-5 percent versus estimate)
-Other segments: sanitary/bathware and plywood business revenues were up 18 percent YoY
-Blended tile realisations were 0 percent/-2 percent QoQ/YoY

Aurobindo Pharma's subsidiary Eugia Pharma Specialities has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Testosterone Cypionate Injection USP 1,000 mg/10 mL (100 mg/mL) and 2,000 mg/10 mL (200 mg/mL) in Multi-Dose Vial and 200 mg/mL in Single-Dose Vial, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Depo-Testosterone Injection, 100 mg/mL and
200 mg/mL of Pfizer Inc. The product is expected to be launched in November 2023.

-Sell call, target Rs 270 per share
-Big miss across most segments in Q2FY24
-Big miss led by supplies of Animal Healthcare contract
-Build in a much-improved H2FY24 (22 percent versus 15 percent EBITDA margin in H1FY24)
-Lack of visibility of any other commercial CDMO contract is a worry
-Steep ask-rate from the current Rs 900 crore annual run-rate, there still remains a downside risk
-Downgrade risk to our lowered assumption of Rs 1,920 crore synthesis sales in FY25
-In addition, weakness in core business over past 2 years is certainly unsettling

Supriya Lifescience has collaborated with Kalinga Institute of Industrial Technology (KIIT), Bhubaneswar, to develop one of its kind oral cancer detection kit named Quickblue oral kit.

This oral cancer detection kit is designed to detect oral cancer in a cost-effective and efficient manner. This kit seamlessly detects oral cancer and could potentially reduce the need for extensive preclinical and clinical trials. The company has also filed for the patent of the Quickblue oral kit.

-Overweight rating, target Rs 1,350 per share
-Company continues to deliver strong balance sheet growth - both loans and deposits
-Margin normalisation continues
-Expect margin realisation to remain above pre-COVID levels
-Deposit rates catch up fully, helped by an improved loan mix & disciplined pricing
-Reiterate top pick

Blue Star has received a notice from the Collector of Stamps, Mumbai imposing a penalty of Rs 3.39 crore, alleging a default in payment of stamp duty with respect to the scheme of amalgamation approved by the High Court of Bombay in May 2008.

Despite market volatility and fierce competition in a sector crowded with industry giants, Plaza Wires' IPO proved a success, doubling investors' returns. The IPO witnessed strong interest, with record-breaking bids from retail investors and a strong exchange debut. Post-listing, Plaza Wires' shares consistently rose, driven by reasonable valuations and a performance gap between large and small-cap companies in the sector.

We maintain our belief that the wires and cable segment will benefit from the government's infrastructure-focused initiatives and expansion plans. With a preference for mid and small-cap stocks due to their higher growth potential, we recommend booking 50% of your holdings and retaining the rest for medium to long-term gains, while remaining optimistic about the sector's long-term outlook.

-Equal-weight call, target Rs 2,250 per share
-Company continues to deliver on asset quality, growth and profitability
-Deposit growth remains strong (4 percent QoQ, 23 percent YoY vs. 22 percent YoY last quarter)
-Potential for operating leverage appears strong
-Capital market trends have picked up, & expect sustained strong earnings

Sensex Today | Nifty Pharma index shed 0.7 percent draggd by Cipla, Biocon, Lupin

Balkrishna Industries has reported a 9.1% on-year decline in net profit at Rs 347.4 crore for quarter ended September FY24 despite strong EBITDA performance, dented by lower topline and other income. Revenue from operations fell 15.2% year-on-year to Rs 2,253.2 crore for the quarter.

Sensex Today | Market at 12 PM

The Sensex was down 150.77 points or 0.23 percent at 65,246.85, and the Nifty was down 68.40 points or 0.35 percent at 19,474.30. About 635 shares advanced, 2585 shares declined, and 130 shares unchanged.

Arvind SmartSpaces has signed a new residential apartment project in Bengaluru, with a total estimated saleable area of around 4.6 lakh square feet and a topline potential of around Rs 400 crore.

Sensex Today | Nifty Information Technology index shed 1 percent dragged by LTIMindree, TCS, Coforge

Bharat Petroleum Corporation has received notice, to pay environmental compensation of Rs 2 crore to Central Pollution Control Board (CPCB), for non-installation of vapour recovery systems within timeline prescribed by the Supreme Court and CPCB, in petrol refueling stations and storage terminals.

-Market perform, target Rs 2,100 per share
-An average Q2 and a new CEO announcement
-Change in CEO was expected but external candidate would raise questions
-External candidate would raise question on any potential changes in strategy
-External candidate decision delays in major new initiatives (E.G. IDBI deal) etc
-An average quarter with an EPS growth of 24 percent YoY (-8 percent QoQ)
-EPS growth was a marginal miss versus expectations

“On Mr Vaswani's appointment, one, it's very early to say how it will affect. Broadly from a banking perspective, you would expect to see someone who has a deep understanding of two things – one customers in India and two technology. He ticks off the second box, not so much the first. And that could be some reason for concern because you have somebody who comes in, especially from the outside world who doesn't really understand necessarily how the Indian consumer behaves in that kind of depth that you are expected to. But as I said, there is nothing which prevents anyone from quickly adapting. Kotak has a deep enough team for every particular vertical not to be affected by just one person right at the top unless he begins to make major changes in terms of the implementation of policy. So the CEO should restrict themselves to setting the policy and the strategy goals. And to that extent, it is very unlikely that a new CEO will be coming to juggle up the place so far. The key problem with Kotak has been that the growth compared to its ROE is not commensurate. And while I'm all in favour of not necessarily growing aggressively for a bank, especially at a time when you begin to feel that there may be some stresses coming on, the overcapitalization doesn't help. So a little more aggression in terms of the strategy would be something that would make Kotak more attractive from a market perspective”.

Sensex Today | Market under pressure as all sectors trade in the red

Shares of Dodla Dairy surged 8.5 percent in early trade on October 23, buoyed by the company's strong performance in the July-September quarter.

The company's net profit in the quarter under review rose around 11 percent on year to Rs 43.60 crore as against Rs 39.40 crore in the year-ago period.

The strong bottomline was aided by a 10.4 percent jump in revenues to Rs 767.70 crore backed by strong growth in domestic as well as international business.

"Dodla’s Value Added Products (VAP) and Fat & Fat products sales continued to display momentum with 13.1 percent on year growth at Rs 195.3 crore owing to deeper distribution channel penetration aided by strong brand recall," Dodla Sunil Reddy, Managing Director at Dodla Dairy stated in an exchange filing.

Shares of Aditya Birla Fashion and Retail slipped 2 percent in trade on October 23 after its subsidiary Aditya Birla Digital Fashion Ventures entered into a shareholder agreement and a share subscription agreement for buying 51 percent stake in Styleverse Lifestyle for Rs 155 crore.

Styleverse Lifestyle is engaged in manufacturing and retailing of apparels under the brands The Indian Garage Co, Freehand, and Hardsoda. “The business was earlier operating under a partnership firm The Indian Garage Co and was transferred into SLPL through Business transfer arrangement,” said ABFRL in a statement. Read More

Shares of Ipca Laboratories surged over 7 percent and hit a 52-week high of Rs 1,003 in early trade on October 23 as the US Food and Drug Administration's Voluntary Action Indicated (VAI) classification for its Ratlam unit came as a positive surprise to the Street. "Facility considered to be in minimally acceptable state of compliance with regards to current good manufacturing practice," the US FDA said. The US drug authority had conducted an inspection of Ipca's Ratlam unit from June 5-13.

Ipca's Ratlam manufacturing unit was previously issued 11 observations by the US FDA, which had prompted expectations among analysts of the unit receiving an Official Action Indicated (OAI) status, the most severe classification. Read More

Stock Market LIVE Updates | BSE Midcap index fell 1 percent dragged by Laurus Labs, SJVN, IOB

Shares of KFin Technologies rallied 5 percent to day’s high of Rs 484 per share on October 23 after the company’s profit-after-tax (PAT) rose 28 percent year-on-year (YoY) to Rs 61.4 crore in the September-ended quarter for fiscal year 2023-24 (Q2FY24).

In the past three months, the stock of this midcap company has surged 30 percent as against 2 percent decline in the Sensex benchmark. Read More

Shares of Just Dial gained 0.5 percent at the open on the NSE on October 23 after the company reported its Q2FY24 results on October 20.

In a regulatory filing, for the quarter ending September 2023, Just Dial reported a 37.5 percent on-year growth in profit to Rs 71.8 crore for the quarter ended September FY2024, while its revenue grew 27 percent to Rs 260.6 crore and earnings before interest, taxes, depreciation and amortisation (EBITDA) surged 186.3 percent to Rs 48.8 crore. Its EBITDA margin expanded to 18.7 percent for July-September period of FY2024, compared to 8.3 percent for the previous fiscal. Read More

Sensex Today | Market at 11 AM

The Sensex was down 161.13 points or 0.25 percent at 65,236.49, and the Nifty was down 59.30 points or 0.30 percent at 19,483.40. About 682 shares advanced, 2468 shares declined, and 136 shares unchanged.

Shares of CreditAcess Grameen surged 9 percent on October 23 on robust Q2 earnings and positive FY24 guidance revision. The company's net profit nearly doubled to Rs 347 crore in the September quarter, driven by higher loan sales and resultant income and total income surged 53 percent on-year on the back of a surge in net interest income (NII). Read More

Sensex Today | BSE Smallcap index shed 1 percent dragged by PNB Gilts, Vascon Engineers, Onward Technologies

Shares of Paras Defence and Space Technologies opened flat on October 23 on the NSE at Rs 738.50. However, by 10:12 am, the stock price fell by nearly 3 percent, and it was trading at Rs 719.40 apiece.

According to a regulatory filing on October 20, Paras Defence and Space Technologies' Board of Directors have approved to incorporate an associate company by entering into a joint venture (JV) agreement with the US-based MICRO-LAM. According to the filing, Paras will hold 40 percent stake in the joint venture company. The JV, according to Paras Defence is for the purpose of offering specialised training, skill development, and education centered around diamond tooling repair services. Read More

Central Bank of India has recorded a 90.3% year-on-year growth in net profit at Rs 605 crore for quarter ended September FY24, driven by higher other income, tax write-back and lower provisions. Net interest income increased by 10.2% to Rs 3,028 crore compared to year-ago period. The bank has seen an improvement in asset quality performance with the gross NPAs declining 33 bps QoQ to 4.62% and net NPAs falling 11 bps to 1.64% for the quarter.

Poonawalla Fincorp has reported highest ever quarterly profit at Rs 230 crore (excluding exceptional items) for quarter ended September FY24, rising 77% YoY, and the profit (including exceptional gains) stood at Rs 1,259 crore against Rs 130 crore during the same period. Total income during the same period increased by 55% on-year to Rs 745 crore. Asset quality improved with the gross NPAs declining 6 bps QoQ to 1.36% and net NPAs falling 4 bps to 0.72% for the quarter.

Sensex Today | Nifty PSU Bank index declined 1 percent dragged by Indian Overseas Bank, Central Bank of India, Bank of Maharashtra

Sensex Today | BSE Realty index shed 1 percent dragged by Indiabulls Real Estate, Macrotech Developers, Prestige Estates Projects

IDBI Bank shares traded in the red after gaining 2 percent in early trade as the lender reported a net profit of Rs 1,323 crore, up 60 percent year-on-year, for the second quarter ended September on the back of a fall in bad loans.

The bank clocked a total income of Rs 6,924 crore in the second quarter of the current fiscal year, compared to Rs 6,066 crore in the corresponding quarter in the previous financial year.

The interest income grew to Rs 6,035 crore in Q2FY24 from Rs 4,978 crore in the same period a year ago. Read More